RxSight (NASDAQ:RXST) Sets New 12-Month Low – Here’s Why

Shares of RxSight, Inc. (NASDAQ:RXST) reached a new 52-week low during trading on Thursday . The stock traded as low as $14.24 and last traded at $15.51, with a volume of 1984210 shares changing hands. The stock had previously closed at $14.99.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group cut shares of RxSight from a “buy” rating to a “neutral” rating and lowered their price target for the company from $45.00 to $16.00 in a report on Wednesday. Needham & Company LLC restated a “buy” rating and issued a $43.00 target price on shares of RxSight in a research note on Thursday, April 3rd. Wells Fargo & Company reduced their price target on RxSight from $35.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 3rd. JPMorgan Chase & Co. restated an “underweight” rating and set a $17.00 target price (down from $40.00) on shares of RxSight in a research note on Friday, April 4th. Finally, Bank of America reissued an “underperform” rating and issued a $22.00 price target (down previously from $36.00) on shares of RxSight in a report on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, RxSight presently has an average rating of “Hold” and an average target price of $39.78.

RxSight Price Performance

The firm has a market capitalization of $570.11 million, a price-to-earnings ratio of -16.96 and a beta of 1.26. The business has a fifty day moving average price of $25.63 and a two-hundred day moving average price of $36.22.

RxSight (NASDAQ:RXST) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.25). RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. The business had revenue of $40.21 million during the quarter, compared to analyst estimates of $40.23 million. On average, research analysts predict that RxSight, Inc. will post -0.7 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Tamara Fountain sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $25.71, for a total transaction of $179,970.00. Following the sale, the director now directly owns 24,793 shares in the company, valued at $637,428.03. This trade represents a 22.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jesse Anderson Corley purchased 1,443 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was acquired at an average price of $31.18 per share, with a total value of $44,992.74. Following the purchase, the director now owns 1,443 shares in the company, valued at $44,992.74. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.36% of the stock is owned by insiders.

Institutional Trading of RxSight

Several institutional investors have recently bought and sold shares of the business. Rhumbline Advisers lifted its position in shares of RxSight by 6.4% during the 1st quarter. Rhumbline Advisers now owns 51,576 shares of the company’s stock valued at $1,302,000 after buying an additional 3,103 shares in the last quarter. Summit Global Investments lifted its holdings in RxSight by 24.7% during the first quarter. Summit Global Investments now owns 8,393 shares of the company’s stock valued at $212,000 after purchasing an additional 1,664 shares in the last quarter. GAMMA Investing LLC grew its position in shares of RxSight by 12,990.8% in the first quarter. GAMMA Investing LLC now owns 8,509 shares of the company’s stock valued at $215,000 after purchasing an additional 8,444 shares during the period. Polar Asset Management Partners Inc. purchased a new stake in shares of RxSight during the fourth quarter worth about $1,606,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of RxSight by 23.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,958 shares of the company’s stock worth $2,921,000 after purchasing an additional 16,140 shares during the last quarter. 78.78% of the stock is owned by institutional investors and hedge funds.

About RxSight

RxSight, Inc, a commercial-stage medical device company, engages in the research and development, manufacture, and sale of light adjustable intraocular lenses (LAL) used in cataract surgery in the United States and internationally. It offers RxSight system that enables doctors to customize and enhance the visual acuity for patients after cataract surgery.